Despite a weaker-than-expected headline, Thursday's GDP report actually points to lesser odds of a

Fed

rate cut, Aaron Task says on

"The Real Story" podcast. In addition to the PCE remaining above the Fed's "comfort zone", the upward revision to consumer spending, downward revision to housing's negative effect and inventory adjustments point to faster economic growth going forward, he says.

Moreover, the Chicago Purchasing Manager's Index was stronger than expected, and its employment index points to a possible upside surprise for Friday's payroll data. A strong jobs report would further lower odds of a rate cut but might give the market a boost because "the market doesn't really need a rate cut," Task says.

Task's first guest, Bob Faulkner, author of

TheStreet.com Telecom Connection came on to discuss

Ciena's

(CIEN) - Get Ciena Corporation Report

upbeat quarter and guidance.

"This is a lumpy business. Don't extrapolate" this quarter's gains going forward, Faulkner says. Still,

Corning

(GLW) - Get Corning Inc Report

and

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

have also made positive comments about demand for fiber optics, he notes. "Business isn't booming, but I don't want it to be booming. I want nice, steady growth."

Speaking of booming,

Apple's

(AAPL) - Get Apple Inc. (AAPL) Report

stock continued its ascent Thursday. While Faulkner is long the stock and "loves Apple," he is buying some puts to protect his gains from a "sell-the-news reaction" to the pending release of the iPhone.

Regarding another long position,

Dell

(DELL) - Get Dell Technologies Inc Class C Report

, Faulkner says the company's postclose earnings are one thing, but the endless internal investigation of its accounting means it's still impossible to get a true sense of the PC maker's plan and the benchmarks it should be judged upon.

Task's second guest, David Peltier, came on for a bonus edition of "Should You Buy It?" and discussed the outlook for Corning and

Loews

TheStreet Recommends

( LTR).

In the remainder of the podcast, Task reviewed the day's corporate news, including strength in regional brokers such as

Raymond James

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in the wake of

Wachovia's

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bid for

A.G. Edwards

( AGE); mixed results from retailers, including

Sears

(SHLD)

,

Big Lots

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and

Chico's FAS

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; and big moves for biotech

Dendreon

(DNDN)

and

Critical Therapeutics

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.

Click

here to listen to the entire podcast.